Revenue for the quarter topped analysts' expectations, driven by a jump in subscriber revenue. The satellite radio provider also boosted its 2014 revenue outlook to $4.1 billion from its previous forecast of more than $4 billion.

Sirius XM had a record 26.3 million total paid subscribers at the end of the period, 5% higher than at the same point a year earlier. During the course of the quarter, the company added a net 475,472 subscribers. Monthly churn ticked higher to 1.8% from 1.7%.

The company posted a profit of $120 million, down from $125.5 million in the year-earlier period. On a per-share basis, earnings were flat on the year at two cents.

Revenue jumped 10% to $1.04 billion, driven by an 7.8% increase in subscriber revenue to $878.2 million. Analysts surveyed by Thomson Reuters expected per-share profit of two cents and revenue of $1.02 billion.

Operating expenses grew 12% to $750.8 million as the company paid out more in revenue share and royalties and spent more on customer service and billing.

Earlier this month, Sirius authorized a $2 billion increase to its stock buyback, citing a desire to return value to shareholders and confidence in its long-term growth prospects. The company said in March that it would restart its share-buyback program following Liberty Media Corp.'s decision to back out of its bid to buy the remaining stake in Sirius. SiriusXM suspended the repurchase program in January in connection with Liberty's proposal.